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CBRE Arranges $9.5 Million in Long-Term Financing for 45-Unit Multifamily Property in Uptown Minneapolis Area

Joel Torborg and Mark Roos with CBRE Capital Markets’ Debt & Structured Finance team have arranged $9.5 million in long-term financing for Laguna Apartments, a new 45-unit multifamily complex in Minneapolis.

The property at 2900 Irving Ave. S. was completed during the summer of 2016 and was more than 95 percent occupied at the time of closing.

CBRE worked on behalf of the sponsors, Ohlone Partners LLC and Laguna Apartments LLC. The CBRE Capital Markets team successfully secured the loan through CBRE Multifamily Capital (CMC) — a Fannie Mae Delegated Underwriter and Servicer (DUS). The CMC loan provided competitive loan terms with a 7-year sub-4.30% fixed interest rate and five years of interest-only payments at the maximum leverage in proceeds.

“The borrower was looking for a long-term non-recourse debt solution with an initial interest-only period and a flexible prepayment structure at an aggressive rate on a property with limited operating history that had not yet reached fully stabilized operations. We were able to achieve these items with this loan through our Fannie Mae DUS group,” said Mr. Torborg.

The 45-unit, luxury, Class A boutique apartment offers large floor plans with lake or city views in a boutique style apartment complex. The property also includes resident favorite amenities such as: outdoor patio with built in gas grill station; top tier fitness center, dog wash station, club room, heated underground parking, secure bicycle parking and repair station. The property reports a Walk Score of 96.